June 12, 2021

Cuban President Talks Possible Adoption of ‘Convenient’ Crypto

Cuban President Talks Possible Adoption of ‘Convenient’ Crypto 101
Source: Adobe/Vladimir Wrangel

The Cuban government is mulling crypto adoption as a means to fight back against financial turmoil, with crippling sanctions and the coronavirus pandemic fallout taking a heavy toll on the nation’s economy.

Last month, the Congress of the Communist Party of Cuba (PCC) – the country’s central policy-making hub – put forward proposals that would involve studying how crypto could help dig the country out of its financial hole. As previously reported, a proposal was put forward at a key party meeting that suggested decision-makers begin “studying” the use “of cryptocurrencies in the economy” in a session on April 19.

And it now appears that this proposal has gained tractions: The news agency EFE reported that President Miguel Díaz-Canel is now preparing to brief the nation on developments in a forthcoming televised address.

However, Díaz-Canel has already talked about possible crypto adoption plans in a “virtual meeting” with…

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